Chart, page-79

Price meandering CAJ style.  Bids keep coming back in at 27, but also matched by sellers.  The offers are loaded at 29-30 so someone wants out.

I believe 26-27 to be a technical bottom based on the chart; buyers came in strong at this level with good volume after the FY report sell off. 

26-27 is probably a fair value FA level as well.  Adding back the enclitic impairment and one of transaction costs to EBIT gives a PE around 21.  Then adding on the extra revenue and EBIT estimate for FY19 (new acquisitions) gives a forward PE around 15.  On top of this they will make more acquisitions in FY19, so forward looking is strong.  Buyers should push this back up if it gets anywhere under 25.  Then again this is the share market where up is down and left is right.

We are due for a decent move at some stage, hopefully after this short-term downtrend is over.